Articles Posted in Real Estate

Real estate transactions involve many details and moving parts, including house purchase agreements. Whether you’re buying or selling, you’ll have to keep those details in mind, including the overall condition of the building. For this reason, a home inspection will typically be needed.

Given the fees and costs associated with the process, many people may wonder whether a home inspection is actually necessary. The short answer is that it is, but it can get a little more involved than that.

Strict Requirements

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Whether you are an experienced real estate investor or just getting your feet wet, there are many ways to turn a profit. Some of these ways are long-term, while others result in quick revenue. The approaches you choose will depend on your experience, resources, and objectives with respect to real estate investing.

Buy and Hold

One common strategy for real estate investment is buying and holding property. This is done with rental property—you purchase a house or multi-family unit and lease it out to tenants. This can bring in a great deal of revenue, but it also has its own associated expenses. You take on numerous responsibilities, such as keeping the property maintained, as well as a certain amount of liability, such as making sure tenants don’t diminish the property’s value overmuch.

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When you own real property, there will arise certain difficulties over the years, and it’s important to be prepared to deal with them. These often take the form of property disputes, which may be between you and a neighbor, but could also involve contractual and title issues, such as when you’re purchasing a property.

We’ll go over some of the most common property disputes and discuss how to handle them.

Title and Boundary Disputes

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Commercial real estate transactions are highly complex processes involving large amounts of negotiation. The purchase contracts involved in these transactions are often highly detailed, and they vary significantly from property to property. What may be the case for one property may not be the same for another.

In addition, the parties involved in the transaction vary as well, and that can have a large impact on how the contract looks by the end. If there’s an imbalance of power, for instance, one side may get what it wants while the other has to deal with the consequences.

Regardless of the circumstances, there are several keys to drafting an effective commercial real estate contract.

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Obtaining Commercial Property in Illinois

Obtaining commercial property in the state of Illinois is a multi-step process that requires both sound planning and thorough due diligence. There are many items to keep in mind over the course of this process that will make sure you get the most out of your investment.

Here, we’ll go over a number of priorities to be aware of when obtaining commercial property in Illinois.

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Overall, commercial real estate is a pretty good investment, but you have to handle it wisely. As with any investment venture, there will be challenges to face and pitfalls to avoid, so it always helps to have a good idea beforehand what to expect.

Whether you’re getting started in commercial real estate investing or if you’ve been at it for a while, the following common mistakes can help you avoid losses.

Failure to Match Property to Your Needs

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Aside from cleaning, preparing, and marketing a home, sellers must also take several legal considerations into account. Many of these can mean the difference between a successful sale and a lost opportunity, so it’s important to know what to do prior to closing on a sale. This home seller legal checklist will help you be prepared to sell your home.

  • Resolve all liens, debts, etc.: Encumbrances such as liens, debts, and other claims against the property all ought to be resolved prior to selling. Otherwise, you probably won’t be able to sell the home for as much, and you might even face legal difficulties.
  • Get all owners on the same page: If the property is held jointly, it’s important to make sure everyone is on the same page. This stops issues with the title from occurring during the sale, and prevents disputes when it comes to dividing up the proceeds from the sale.
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Buying a home for the first time is exciting—you’ll finally have a place to call your very own, and odds are, you’re making your first truly significant investment. However, there is a great deal of complexity involved in real estate transactions, and you want to make sure you avoid the pitfalls that people often fall into when buying a home for the first time.

There are a few precautions you can take to get started with the home buying process.

Assess Your Finances

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House hunting is exciting, but you need to be prepared to do it right. Here, we’ll go over what to do and what to avoid when hunting for your dream home.

Do’s

  • Prequalify for financing: One of your first items of business is to make sure you know how much you can afford. You can do this by prequalifying for a mortgage. Once you know how much you can borrow, you’ll have a clear idea of what kind of house you can afford.
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Whether it’s commercial or residential real estate, purchasing real property is a large investment-one you don’t want to take lightly. Ultimately, you hope to turn a profit from the property, but whether you will actually do so, how much it will be, and whether you might inherit legal problems with the land are matters you’ll need to take into account. Adequate research—or due diligence-is key to making a wise real estate investment.

Preliminary Due Diligence

Before you even begin discussing a purchase contract, you will be best served with some preliminary research. If you can access title and current owner information early, that will help you in the long run. Once the due diligence process actually starts-i.e. when the contract is signed-you will be pressed for time. Therefore, learning as much as you can about the nature and profitability of the property beforehand will help everything go much more smoothly.

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